Realme and other Chinese companies dominate India’s home surveillance camera market in 2022: Counterpoint

Chinese companies like Realme, TP-Link and Hikvision dominated India’s home surveillance camera market in 2022 with a 77% share, market research firm Counterpoint Research said on Thursday.

According to Counterpoint’s Smart Home IoT service, only one Indian brand, Qubo by Hero Electronix, was among the top six in the Indian smart home security camera market. It held a 10% market share in 2022.

“The market remains dominated by Chinese players, with Indian brands accounting for 23% of total shipments in 2022. Domestic production during the year was 12%, which is still very low for an emerging market.

“However, we expect domestic manufacturing to pick up in the coming period as more Indian brands seek to make inroads into this market, such as Airtel,” said Counterpoint Research analyst Varun Gupta.

India’s smart home security camera market shipments grew by 44% YoY in 2022, with Xiaomi leading the segment with 33% market share.

“The market has grown significantly in 2022 as more and more consumers become aware of smart cameras. In a price-sensitive market like India, the entry-level price of smart cameras (Rs. 1,500) creates also strong demand. The price range of Rs. 1,500 to Rs. 2,500 remained the highest in 2022, capturing 64% share,” Gupta said.

Tapo by TP-Link continued to hold second place in 2022 with an annual growth of 88% and a market share of 17%.